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Where Taxpayers and Advisers Meet

Search found 92 matches

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by riccardob
Mon Jan 30, 2012 9:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Question on deed of variation
Replies: 18
Views: 2885

Question on deed of variation

Hi, I was going to ask this on the domicile thread but I notice that the dom thread has not gone slightly off topic. I have a couple of questions on the concept of deed of variation. a) Does a deed of variation avoid IHT on a deceased estate if person A inherits from person B (brother) and person A ...
by riccardob
Fri Jan 27, 2012 8:58 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and domicile
Replies: 14
Views: 2877

Re: IHT and domicile

Not sure what you're really trying to get at. A non-domiciled individual on death is liable to UK IHT only on UK situs assets. A UK domiciled individual on death is liable to UK IHT on worldwide assets. IHT following death is due to be paid within a prescribed time limit; failure leads to interest ...
by riccardob
Thu Jan 26, 2012 9:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and domicile
Replies: 14
Views: 2877

Re: IHT and domicile

maths thanks again. Don't want to be a pain but I am thinking that how can HMRC charge interest if the foreign jurisdiction has been slow in sorting someone's estate? Surely beneficiaries or indeed the deceased cannot be held responsible for this. Also what happens if the person deceased dies withou...
by riccardob
Wed Jan 25, 2012 6:46 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and domicile
Replies: 14
Views: 2877

Re: IHT and domicile

many thanks. So you don't think a cremation in the UK would shift the balance towards UK IHT? It would appear that draping a coffin with a welsh flag gives HMRC a case to prove uk domicile so I am hoping that if my ashes are taken abroad this will not cause trouble. A court case on domicile will co...
by riccardob
Tue Jan 24, 2012 11:34 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and domicile
Replies: 14
Views: 2877

Re: IHT and domicile

many thanks. A court case on domicile will cost in the tens of thousands? Is this correct? Also as a side issue, property / money held overseas does not need a uk grant of probate to be released to the beneficiaries. How does the procedure work in this case? Are HMRC happy to wait until the foreign ...
by riccardob
Mon Jan 23, 2012 7:07 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and domicile
Replies: 14
Views: 2877

IHT and domicile

Hello, I am a foreign born individual who is now living in the UK. I have read the information available on the HMRC website in relation to domicile / IHT and it would appear that having a burial plot abroad could help towards being granted foreign domicile. 1) My question is, if I chose cremation a...
by riccardob
Sun Nov 06, 2011 5:54 pm
Forum: Income Tax
Topic: Foreign gift
Replies: 1
Views: 537

Foreign gift

Hi, I am being donated some cash by a relative in a foreign country and I want to keep it there in a bank account. At the moment I pay tax on a payee basis for my job. Am I right in assuming that the tax due (in addition to my salary tax) will be on the interest accrued in the bank account where my ...
by riccardob
Wed Aug 31, 2011 6:25 pm
Forum: Income Tax
Topic: Dual Resident helpsheet
Replies: 17
Views: 2954

Re: Dual Resident helpsheet


5. Need to declare all UK source income.
ok thanks
If the uk income is less than 7k does it still need declaring via Sa and do uk personal allowances apply (assuming the individual is granted italian tax residency on the basis of HS302) .
by riccardob
Tue Aug 30, 2011 6:10 pm
Forum: Income Tax
Topic: Dual Resident helpsheet
Replies: 17
Views: 2954

Re: Dual Resident helpsheet

Anyone?

thanks
by riccardob
Mon Aug 29, 2011 11:43 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer from overseas
Replies: 1
Views: 713

Transfer from overseas

If proceeds from an inheritcance received from a foreign relative are significant ie 800k, how much hassle will there be should this money be transferred into a uk account by electronic transfer? I believe there are stringent money laundering regulations that trigger all sorts of investigations. I a...

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